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Improving international access to credit markets report
... involved detailed desk-based research ...
... involved detailed desk-based research ...
Transmission of Monetary Policy Impulses on Bank
... between LCBs and LSBs lies in the range of activities they can undertake. LSBs are licensed to conduct specialised banking that includes specialised savings banks and development banks. LCBs have a broader scope compared to LSBs. LCBs are permitted to accept demand deposits from the public (operate ...
... between LCBs and LSBs lies in the range of activities they can undertake. LSBs are licensed to conduct specialised banking that includes specialised savings banks and development banks. LCBs have a broader scope compared to LSBs. LCBs are permitted to accept demand deposits from the public (operate ...
Reforming Major Interest Rate Benchmarks
... The major interest reference rates (such as LIBOR, EURIBOR, and TIBOR) are widely used in the global financial system as benchmarks for a large volume and broad range of financial products and contracts. The cases of attempted market manipulation and false reporting of global reference rates, togeth ...
... The major interest reference rates (such as LIBOR, EURIBOR, and TIBOR) are widely used in the global financial system as benchmarks for a large volume and broad range of financial products and contracts. The cases of attempted market manipulation and false reporting of global reference rates, togeth ...
Retained Interests in Securitisations and - ECB
... The process of securitisation is composed of three main steps: (i) the pooling of assets; (ii) the creation of a special purpose vehicle (SPV) and the transfer of the asset pool to the SPV; and (iii) the structuring of the transaction. The latter involves the provision of credit enhancements and gua ...
... The process of securitisation is composed of three main steps: (i) the pooling of assets; (ii) the creation of a special purpose vehicle (SPV) and the transfer of the asset pool to the SPV; and (iii) the structuring of the transaction. The latter involves the provision of credit enhancements and gua ...
Utility Cost of Capital
... • Imagine a rental house that costs $100,000 can be rented for a $10,000 annual profit after all expenses. • If the house is financed with all equity the return is 10%. • However, if 90% of the money can be borrowed at 5%, then the net profit will be $10,000 minus $90,000 times 0.05 or $10,000 minus ...
... • Imagine a rental house that costs $100,000 can be rented for a $10,000 annual profit after all expenses. • If the house is financed with all equity the return is 10%. • However, if 90% of the money can be borrowed at 5%, then the net profit will be $10,000 minus $90,000 times 0.05 or $10,000 minus ...
historical evidence for Italy 1861-2013
... long swings was already discussed in a Minsky's early work in the American Economic Review (Minsky 1964), the renewed interest in the relationship between real and financial / credit cycle has brought out that real and financial variables actually interact at lower frequencies than those of the trad ...
... long swings was already discussed in a Minsky's early work in the American Economic Review (Minsky 1964), the renewed interest in the relationship between real and financial / credit cycle has brought out that real and financial variables actually interact at lower frequencies than those of the trad ...
Margin Credit and Stock Return Predictability
... 2.2. Margin accounting Consider, investor P who wants to buy 10 shares of Apple at USD 100 each. She opens a margin account with broker B, who has a margin requirement of 60% and maintenance margin of 25%. P will need to invest 60% of the value of the position using her own money and can borrow rema ...
... 2.2. Margin accounting Consider, investor P who wants to buy 10 shares of Apple at USD 100 each. She opens a margin account with broker B, who has a margin requirement of 60% and maintenance margin of 25%. P will need to invest 60% of the value of the position using her own money and can borrow rema ...
Can VARs describe monetary policy?
... One unresolved question is how well simple econometric procedures, like VARs, can describe the monetary authority's response to economic conditions, and by extension, the policy shocks used to identify policy's effects on the economy. There are several reasons to be skeptical of the VAR approach. VA ...
... One unresolved question is how well simple econometric procedures, like VARs, can describe the monetary authority's response to economic conditions, and by extension, the policy shocks used to identify policy's effects on the economy. There are several reasons to be skeptical of the VAR approach. VA ...
Credit Rating and Short-Term Debt Financing: Empirical
... fitting in its own risk-type. Especially, given that the small-medium firms have more severe information asymmetry problem than large firms, expansion of possession of credit rating among small-medium firms can minimize distortion in selecting short-term financing structure. This paper investigates ...
... fitting in its own risk-type. Especially, given that the small-medium firms have more severe information asymmetry problem than large firms, expansion of possession of credit rating among small-medium firms can minimize distortion in selecting short-term financing structure. This paper investigates ...
Multiple Choice Questions
... Rationale: Investors pay for growth; hence the high P/E ratio for growth firms; however, the investor should be sure that he or she is paying for expected, not historic, growth. 3. _________ is equal to (common shareholders' equity/common shares outstanding). A) Book value per share B) Liquidation v ...
... Rationale: Investors pay for growth; hence the high P/E ratio for growth firms; however, the investor should be sure that he or she is paying for expected, not historic, growth. 3. _________ is equal to (common shareholders' equity/common shares outstanding). A) Book value per share B) Liquidation v ...
The Market for Corporate Control and the Cost of Debt
... The market for corporate control, often referred to as the takeover market, can be an e¤ective governance mechanism to discipline managers and reduce agency costs within a …rm (e.g., Jensen and Ruback (1983) and Shleifer and Vishny (1997)). However, signi…cant barriers, in the form of antitakeover p ...
... The market for corporate control, often referred to as the takeover market, can be an e¤ective governance mechanism to discipline managers and reduce agency costs within a …rm (e.g., Jensen and Ruback (1983) and Shleifer and Vishny (1997)). However, signi…cant barriers, in the form of antitakeover p ...
Spillover Effect of US Quantitative Easing From the
... realm has shown us that the world was smaller than we thought. In this respect, the financial crisis of 2008 started in the United States catalysed world media’s attention, as the crisis became global in a record time. Due to the leading position of the USA, the exceptional monetary measures taken b ...
... realm has shown us that the world was smaller than we thought. In this respect, the financial crisis of 2008 started in the United States catalysed world media’s attention, as the crisis became global in a record time. Due to the leading position of the USA, the exceptional monetary measures taken b ...
NORMAL BALANCE
... helps in the recording process 2 Define debits and credits and explain how they are used to record business transactions 3 Identify the basic steps in the recording process 4 Explain what a journal is and how it helps in the recording process ...
... helps in the recording process 2 Define debits and credits and explain how they are used to record business transactions 3 Identify the basic steps in the recording process 4 Explain what a journal is and how it helps in the recording process ...
Leverage Cycles and The Anxious Economy.
... panicked economies. The most optimistic buyers are forced to sell off their high yield assets, and more assets besides, holding less of high yield after the bad news than before. In the popular story there are usually massive defaults and bankruptcies (since the high yield holdings were not enough ...
... panicked economies. The most optimistic buyers are forced to sell off their high yield assets, and more assets besides, holding less of high yield after the bad news than before. In the popular story there are usually massive defaults and bankruptcies (since the high yield holdings were not enough ...
NBER WORKING PAPER SERIES SOME UNPLEASANT GENERAL EQUILIBRIUM IMPLICATIONS OF EXECUTIVE
... bonds held by the agent, and qtb their period t price. Shareholders are assumed to have rational expectations over the behavior of the economy’s asset price, wage and dividend series. These are represented by dF ( ). The shareholder-worker’s information set, Its , is given by ...
... bonds held by the agent, and qtb their period t price. Shareholders are assumed to have rational expectations over the behavior of the economy’s asset price, wage and dividend series. These are represented by dF ( ). The shareholder-worker’s information set, Its , is given by ...
Download paper (PDF)
... bonds held by the agent, and qtb their period t price. Shareholders are assumed to have rational expectations over the behavior of the economy’s asset price, wage and dividend series. These are represented by dF ( ). The shareholder-worker’s information set, Its , is given by ...
... bonds held by the agent, and qtb their period t price. Shareholders are assumed to have rational expectations over the behavior of the economy’s asset price, wage and dividend series. These are represented by dF ( ). The shareholder-worker’s information set, Its , is given by ...
Optimal Time-Consistent Macroprudential Policy
... (2013) firms are not affected by credit constraints. This paper is also related to Jeanne and Korinek (2010) who study the quantitative effects of macroprudential policy in a model in which assets serve as collateral. In their model, however, output follows an exogenous Markov-switching process and ...
... (2013) firms are not affected by credit constraints. This paper is also related to Jeanne and Korinek (2010) who study the quantitative effects of macroprudential policy in a model in which assets serve as collateral. In their model, however, output follows an exogenous Markov-switching process and ...
Macroeconomic stress testing of a corporate credit portfolio Magister Scientiae By
... to risk factors to determine portfolio impacts at a very high level, or Bottom-Up approaches where modelling is based on some quantitative model which uses external factors as inputs to stress the risk parameters of underlying portfolios. The latter is usually the preferred method by different regul ...
... to risk factors to determine portfolio impacts at a very high level, or Bottom-Up approaches where modelling is based on some quantitative model which uses external factors as inputs to stress the risk parameters of underlying portfolios. The latter is usually the preferred method by different regul ...
Credit Ratings and The Cross
... significant only during periods of credit rating downgrades. During such periods, low quality firms experience substantial deterioration in their operating and financial performance, and are sold by institutional investors leading to considerable price drops. The deteriorating fundamental performance i ...
... significant only during periods of credit rating downgrades. During such periods, low quality firms experience substantial deterioration in their operating and financial performance, and are sold by institutional investors leading to considerable price drops. The deteriorating fundamental performance i ...
Credit Risk Credit Risk Management System Management System
... that are, from the perspective of ensuring the soundness and appropriateness of its operations, rational, and these measures are equivalent in their effects to the descriptions for the check point or are sufficient given the size and nature of the institution. In such cases, the institution’s measur ...
... that are, from the perspective of ensuring the soundness and appropriateness of its operations, rational, and these measures are equivalent in their effects to the descriptions for the check point or are sufficient given the size and nature of the institution. In such cases, the institution’s measur ...
Chapter 13 Current Liabilities and Contingencies
... IFRS refers to accrued liabilities as “provisions,” and refers to possible obligations that are not accrued as “contingent liabilities.” The term “contingent liabilities” is used for all of these obligations in U.S. GAAP. IFRS requires disclosure (but not accrual) of two types of contingent liab ...
... IFRS refers to accrued liabilities as “provisions,” and refers to possible obligations that are not accrued as “contingent liabilities.” The term “contingent liabilities” is used for all of these obligations in U.S. GAAP. IFRS requires disclosure (but not accrual) of two types of contingent liab ...
What explains developments in business investment?
... A growing body of literature shows that investment decisions are also influenced by factors other than the expected profitability of new investment, contrary to the well-known ModiglianiMiller theorem. Asymmetrical information between borrower and lender gives rise to agency costs, which raise the p ...
... A growing body of literature shows that investment decisions are also influenced by factors other than the expected profitability of new investment, contrary to the well-known ModiglianiMiller theorem. Asymmetrical information between borrower and lender gives rise to agency costs, which raise the p ...
CHAPTER 7
... 2. The balance of a debtor was left out of the schedule of debtors in error, $36. 3. The total of the accounts payable column in the cash payments journal is overstated by $300 because of an addition error. 4. $160 owed by a debtor was written off as uncollectable. The write-off was recorded in the ...
... 2. The balance of a debtor was left out of the schedule of debtors in error, $36. 3. The total of the accounts payable column in the cash payments journal is overstated by $300 because of an addition error. 4. $160 owed by a debtor was written off as uncollectable. The write-off was recorded in the ...
Are banks still special when there is a secondary market for loans?
... a bank makes a loan and holds it until maturity. One possible explanation for this (see Pennacchi (1988)) is that loan sales generate a moral hazard problem because a bank could retain higher quality loans and sell its ‘lemons’ so that a loan sale would convey negative information about a borrower.5 ...
... a bank makes a loan and holds it until maturity. One possible explanation for this (see Pennacchi (1988)) is that loan sales generate a moral hazard problem because a bank could retain higher quality loans and sell its ‘lemons’ so that a loan sale would convey negative information about a borrower.5 ...
Credit rationing
![](https://commons.wikimedia.org/wiki/Special:FilePath/Loanablefunds.png?width=300)
Credit rationing refers to the situation where lenders limit the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates. It is an example of market imperfection, or market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply ""too expensive"" for some borrowers, that is, situations where the interest rate is deemed too high. On the contrary, the borrower would like to acquire the funds at the current rates, and the imperfection refers to the absence of equilibrium in spite of willing borrowers. In other words, at the prevailing market interest rate, demand exceeds supply, but lenders are not willing to either loan more funds, or raise the interest rate charged, as they are already maximising profits.